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Oil Rises Amid Strong US Economic Growth
(MENAFN- The Peninsula)
QNA
Singapore: Oil prices witnessed slight gains on Wednesday, extending the advances made in the previous session, supported by strong economic growth in the United States and concerns over potential supply disruptions from Venezuela and Russia.
Brent crude futures rose by four cents, or 0.06 percent, to $62.42 per barrel, while US West Texas Intermediate crude increased by three cents, or 0.05 percent, to $58.41 per barrel.
Oil prices climbed by more than two percent on Monday, with Brent crude posting its largest daily gain in two months, while West Texas Intermediate recorded its biggest rise since November 14. Oil prices also rose by more than 0.5 percent Tuesday.
The Bureau of Economic Analysis at the US Department of Commerce said in its preliminary estimates of gross domestic product for the third quarter of the year, released yesterday, that the US economy grew at a faster pace than expected, driven by strong consumer spending.
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